1 Wall Street Analyst Thinks HubSpot Stock Is Going To $763. Is It a Buy?

(NYSE: HUBS) easily beat expectations for its fourth-quarter report last week, reporting 24% year-over-year revenue growth and a 56% jump in adjusted earnings per share. While it wasn't all good news, an analyst at Morgan Stanley took the opportunity to bump up the financial services firm's price target on the stock.

Morgan Stanley maintained its "overweight" rating on HubSpot and raised its price target from $697 to $763. This new price target represents an upside of about 24%. The analyst was impressed by HubSpot's solid results and its decent guidance, although macroeconomic headwinds could negatively impact the company's performance.

HubSpot ended 2023 with 205,091 customers, up 23% from the end of 2022. This growth in new customers was the driving force behind HubSpot's estimate-busting Q4 revenue growth.

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Source Fool.com